4月27日，隆基股份發(fā)布2021年年報(bào)。報(bào)告期內(nèi)，公司實(shí)現(xiàn)營(yíng)業(yè)收入809.32億元，同比增長(zhǎng)48.27%；實(shí)現(xiàn)歸屬于上市公司股東的凈利潤(rùn)90.86億元，其中歸屬于上市公司股東的扣除非經(jīng)常性損益的凈利潤(rùn)88.26億元；綜合毛利率20.19%，資產(chǎn)負(fù)債率為51.31%降8.07個(gè)百分點(diǎn)。隆基股份表示，2022年計(jì)劃實(shí)現(xiàn)營(yíng)業(yè)收入超過(guò)1000億元。
市占率實(shí)現(xiàn)細(xì)分市場(chǎng)全面領(lǐng)先2021年，公司實(shí)現(xiàn)單晶硅片出貨量70.01GW，其中對(duì)外銷售33.92GW，自用36.09GW；實(shí)現(xiàn)單晶組件出貨量38.52GW，其中對(duì)外銷售37.24GW，同比增長(zhǎng)55.45%，自用1.28GW。報(bào)告期內(nèi)，隆基股份組件銷量、市場(chǎng)占有率、品牌影響力均位列全球首位，其內(nèi)外銷組件出貨總量遠(yuǎn)超第二名10GW以上。
在銷售區(qū)域上，隆基股份在亞太、歐洲、中東非等國(guó)家和區(qū)域的市占率已實(shí)現(xiàn)領(lǐng)跑，組件銷量已實(shí)現(xiàn)從2020年的全球整體領(lǐng)先到2021年在全球主要細(xì)分市場(chǎng)的全面領(lǐng)先。
截至2021年底，公司單晶硅片產(chǎn)能達(dá)到105GW,單晶電池產(chǎn)能達(dá)到37GW，單晶組件產(chǎn)能達(dá)到60GW。2021年存貨周轉(zhuǎn)天數(shù)較2020年減少了6.8天，市場(chǎng)對(duì)隆基股份產(chǎn)品認(rèn)可度持續(xù)提升。隆基股份發(fā)布2022年度單晶硅片出貨量目標(biāo)為90GW-100GW（含自用），組件出貨量目標(biāo)為50GW-60GW（含自用）。
與此同時(shí)，公司在年報(bào)公布2021年度利潤(rùn)分配預(yù)案，擬向全體股東每10股派發(fā)現(xiàn)金紅利2.6元（含稅），擬向全體股東每10股以資本公積金轉(zhuǎn)增4股。2021年，隆基股份基本每股收益1.69元，較上年同期增4.32%。中信建投證券研報(bào)認(rèn)為，技術(shù)產(chǎn)能方面布局領(lǐng)先的電池組件企業(yè)將能享受較強(qiáng)的技術(shù)紅利，通過(guò)組件溢價(jià)獲取超額利潤(rùn)及估值彈性，具備較好投資機(jī)會(huì)。
10年超100億研發(fā)位居行業(yè)榜首
2021年，我國(guó)光伏新增裝機(jī)54.88GW，占全國(guó)新增發(fā)電裝機(jī)量的31.17%，同比增長(zhǎng)13.9%。光伏發(fā)電已成為全球增長(zhǎng)速度最快的可再生能源品種。
自2012年上市以來(lái)至2021年，隆基股份營(yíng)業(yè)收入年復(fù)合增長(zhǎng)率達(dá)到53.52%，其總營(yíng)收從17.1億元增加至超800億元，增長(zhǎng)47倍。公司研發(fā)投入累計(jì)超100億元。2021年，公司累計(jì)獲得各類已授權(quán)專利1,387項(xiàng)，全年研發(fā)投入43.94億元，占營(yíng)業(yè)收入5.43%，較2020年同比增長(zhǎng)69.55%。
硅片方面，據(jù)PV InfoLink最新的統(tǒng)計(jì)，2021年182產(chǎn)品的市場(chǎng)份額為28%，全球出貨約為48.5GW，210組件出貨則為23.5GW，預(yù)計(jì)2022年182產(chǎn)品市占率將達(dá)到53%，210尺寸產(chǎn)品市占率將達(dá)到26%。
電池組件方面，公司搭建起開放性創(chuàng)新平臺(tái)，報(bào)告期內(nèi)公司公布的N型TOPCon、HJT電池和P型TOPCon電池研發(fā)轉(zhuǎn)換效率不斷刷新行業(yè)的世界紀(jì)錄。
據(jù)悉，2022年1季度，隆基股份加快新型電池技術(shù)的產(chǎn)業(yè)化建設(shè)，預(yù)計(jì)將在2022年第3季度開始投產(chǎn)。
持續(xù)降低資產(chǎn)負(fù)債迎接產(chǎn)業(yè)變革，統(tǒng)計(jì)數(shù)據(jù)顯示，2021年，我國(guó)光伏新增裝機(jī)54.88GW，占全國(guó)新增發(fā)電裝機(jī)量的31.17%，同比增長(zhǎng)13.9%。在光伏新增裝機(jī)總量中，分布式新增裝機(jī)量約29.28GW（其中戶用光伏新增裝機(jī)量約21.6GW），占當(dāng)年我國(guó)新增光伏裝機(jī)量約53.4%，歷史上首次突破50%。
年報(bào)顯示，公司經(jīng)營(yíng)活動(dòng)現(xiàn)金流量?jī)纛~持續(xù)增長(zhǎng)，達(dá)123.23億元，同比增幅11.87%，表明銷售規(guī)模擴(kuò)大，回款改善。從應(yīng)收預(yù)付與應(yīng)付預(yù)收中可以看出隆基股份對(duì)下游購(gòu)買者議價(jià)能力較強(qiáng)。
報(bào)告期內(nèi)，隆基股份資產(chǎn)負(fù)債率為51.31%，較2020年末下降8.07個(gè)百分點(diǎn)。相較于同行增加資產(chǎn)負(fù)債至70%以上的激進(jìn)投資，隆基股份財(cái)務(wù)狀況更為穩(wěn)健，顯示較強(qiáng)的償債能力和持續(xù)投資的融資潛力。在PV Module Tech發(fā)布的可融資性評(píng)級(jí)報(bào)告中，公司憑借卓越的制造能力和財(cái)務(wù)健康水平，是近三年全球唯一獲得AAA評(píng)級(jí)的組件供應(yīng)企業(yè)，創(chuàng)下目前該評(píng)級(jí)報(bào)告中所統(tǒng)計(jì)最高水平，財(cái)務(wù)健康指數(shù)持續(xù)領(lǐng)先。
2021年，拉晶切片方面，隆基股份曲靖年產(chǎn)10GW單晶硅棒和硅片項(xiàng)目已達(dá)產(chǎn)，楚雄（三期）年產(chǎn)20GW單晶硅片項(xiàng)目已部分投產(chǎn)；電池組件方面，江蘇隆基、滁州二期等基地產(chǎn)線升級(jí)實(shí)施完畢，西咸樂(lè)葉年產(chǎn)15GW單晶電池項(xiàng)目正在建設(shè)中。一體化產(chǎn)能加速擴(kuò)張。

April 27, Longi shares released 2021 annual report. During the reporting period, the company achieved operating revenue of 80.932 billion yuan, a year-on-year increase of 48.27%; The net profit attributable to the shareholders of the listed company reached 9.086 billion yuan, among which the net profit attributable to the shareholders of the listed company deducted non-recurring gains and losses amounted to 8.826 billion yuan; The comprehensive gross profit rate was 20.19%, and the asset-liability ratio was 51.31%, down 8.07 percentage points. Longji said it aims to achieve operating revenue of more than 100 billion yuan in 2022.

Market share to achieve market segment overall lead in 2021, the company achieved monocrystalline silicon sheet shipments of 70.01GW, including external sales of 33.92GW, 36.09GW; The shipments of single crystal components reached 38.52GW, of which 37.24GW was sold abroad, with a year-on-year growth of 55.45%, and 1.28GW was used for self-use. During the reporting period, Longji component sales, market share and brand influence ranked first in the world, and its total volume of domestic and foreign component shipments far exceeded the second place by more than 10GW.

In terms of sales region, Longi Shares has achieved the leading market share in Asia-Pacific, Europe, Central and East Africa and other countries and regions, and the component sales volume has achieved the overall global lead from 2020 to the overall lead in the major global market segments in 2021.

By the end of 2021, the company's single-crystal silicon wafer production capacity reached 105GW, single-crystal battery production capacity reached 37GW, and single-crystal component production capacity reached 60GW. In 2021, the number of inventory turnover days decreased by 6.8 days compared with 2020, and the market's recognition of Longji stock products continued to improve. Longi shares released the 2022 monocrystalline silicon wafer shipment target of 90GW-100GW (including self-use), component shipment target of 50GW-60GW (including self-use).

At the same time, the company announced the 2021 annual profit distribution plan in the annual report, intends to pay a cash dividend of 2.6 yuan (tax included) to all shareholders per 10 shares, intends to increase 4 shares to all shareholders per 10 shares by capital accumulation fund. In 2021, Longji's basic earnings per share were 1.69 yuan, up 4.32 percent from a year earlier. Citic Construction Investment Securities research report believes that the layout of leading battery module enterprises in terms of technological capacity will be able to enjoy strong technology dividends, gain excess profits and valuation elasticity through component premium, and have better investment opportunities.

10 years of research and development of more than 10 billion ranks the top in the industry

In 2021, the country's newly installed photovoltaic capacity was 54.88GW, accounting for 31.17% of the country's newly installed power generation capacity, up 13.9% year-on-year. Photovoltaic power generation has become the fastest growing renewable energy variety in the world.

Since the listing in 2012 to 2021, Longji shares operating revenue compound annual growth rate reached 53.52%, its total revenue increased from 1.71 billion yuan to more than 80 billion yuan, an increase of 47 times. The company's R&D investment has exceeded 10 billion yuan. In 2021, the company accumulated 1,387 kinds of authorized patents, the annual R&D investment of 4.394 billion yuan, accounting for 5.43% of the operating revenue, a year-on-year increase of 69.55% compared with 2020.

In terms of silicon wafers, according to PV InfoLink's latest statistics, the 182 product market share in 2021 is 28%, the global shipment is about 48.5GW, 210 component shipment is 23.5GW, it is expected that in 2022 182 product market share will reach 53%, 210 size product market share will reach 26%.

In terms of battery components, the company has set up an open innovation platform. During the report period, the R&D and conversion efficiency of N-type TOPCon, HJT battery and P-type TOPCon battery published by the company constantly broke the world record in the industry.

It is reported that in the first quarter of 2022, Longi accelerated the industrial construction of the new battery technology, which is expected to start production in the third quarter of 2022.

Continuing to reduce assets and liabilities to meet industrial changes, statistics show that in 2021, China's newly installed photovoltaic capacity 54.88GW, accounting for 31.17% of the country's newly installed power generation capacity, a year-on-year increase of 13.9%. In the total newly installed photovoltaic capacity, the distributed newly installed photovoltaic capacity is about 29.28GW (of which the newly installed household photovoltaic capacity is about 21.6GW), accounting for about 53.4% of the newly installed photovoltaic capacity in China that year, which is the first time in history to break through 50%.

Annual report shows that the company's operating activities of net cash flow continued to grow, up to 12.323 billion yuan, year-on-year growth of 11.87%, indicating that the scale of sales expansion, recovery improvement. From the pre-payment receivable and pre-payment payable, we can see that Longji shares have strong bargaining power for downstream buyers.

During the reporting period, the asset-liability ratio of Longi shares was 51.31%, down 8.07 percentage points from the end of 2020. Compared with peers who increase their balance sheet to more than 70% of the aggressive investment, Longi shares financial position is more stable, showing strong solvency and financing potential for continuous investment. In the financability rating report issued by PV Module Tech, the company is the only component supplier in the world to obtain AAA rating in the past three years with its excellent manufacturing capability and financial health level, which is the highest statistical level in the current rating report, and the financial health index continues to lead.

In 2021, in terms of crystal drawing and slicings, the Qujing project with annual output of 10GW monocrystalline silicon rods and wafers of Longji Corporation has reached production, and the Chuxiong (phase III) project with annual output of 20GW monocrystalline silicon wafers has been partially put into production; In terms of battery components, the production line upgrade of Longji, Jiangsu, Chuzhou Phase II and other bases has been completed, and the annual output of 15GW single crystal battery project of Xixian Leye is under construction. Accelerated expansion of integrated production capacity.